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Company registration number: 04344672
Respectway Limited
Unaudited filleted financial statements
30 June 2023
Respectway Limited
Contents
Directors and other information
Accountants report
Balance sheet
Statement of changes in equity
Notes to the financial statements
Respectway Limited
Directors and other information
Directors Mr S Wane
Mrs R Wane
Company number 04344672
Registered office Merlin House
Station Road
Brompton on Swale
Richmond
DL10 7SE
Business address Merlin House
Station Road
Richmond
North Yorkshire
DL10 7SE
Accountants Chipchase Manners
15 Newbiggin
Richmond
North Yorkshire
DL10 4DR
Respectway Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Respectway Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Respectway Limited for the year ended 30 June 2023 which comprise the Balance sheet, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Respectway Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Respectway Limited and state those matters that we have agreed to state to the board of directors of Respectway Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Respectway Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Respectway Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Respectway Limited. You consider that Respectway Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Respectway Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chipchase Manners
Chartered Accountants
15 Newbiggin
Richmond
North Yorkshire
DL10 4DR
6 December 2023
Respectway Limited
Balance sheet
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 315,000 315,002
_______ _______
315,000 315,002
Current assets
Stocks 561,230 479,881
Debtors 6 26,304 101,226
Cash at bank and in hand 65,456 191,778
_______ _______
652,990 772,885
Creditors: amounts falling due
within one year 7 ( 224,438) ( 283,648)
_______ _______
Net current assets 428,552 489,237
_______ _______
Total assets less current liabilities 743,552 804,239
Creditors: amounts falling due
after more than one year 8 ( 180,047) ( 227,794)
_______ _______
Net assets 563,505 576,445
_______ _______
Capital and reserves
Called up share capital 8 8
Profit and loss account 563,497 576,437
_______ _______
Shareholders funds 563,505 576,445
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 December 2023 , and are signed on behalf of the board by:
Mr S Wane
Director
Company registration number: 04344672
Respectway Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2021 2 443,308 443,310
Profit for the year 173,129 173,129
_______ _______ _______
Total comprehensive income for the year - 173,129 173,129
Issue of shares 6 6
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners 6 ( 40,000) ( 39,994)
_______ _______ _______
At 30 June 2022 and 1 July 2022 8 576,437 576,445
Profit for the year 30,260 30,260
_______ _______ _______
Total comprehensive income for the year - 30,260 30,260
Dividends paid and payable ( 43,200) ( 43,200)
_______ _______ _______
Total investments by and distributions to owners - ( 43,200) ( 43,200)
_______ _______ _______
At 30 June 2023 8 563,497 563,505
_______ _______ _______
Respectway Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Merlin House, Station Road, Brompton on Swale, Richmond, DL10 7SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation provided for
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 315,000 14,609 2,650 332,259
Disposals - - ( 2,650) ( 2,650)
_______ _______ _______ _______
At 30 June 2023 315,000 14,609 - 329,609
_______ _______ _______ _______
Depreciation
At 1 July 2022 - 14,609 2,648 17,257
Disposals - - ( 2,648) ( 2,648)
_______ _______ _______ _______
At 30 June 2023 - 14,609 - 14,609
_______ _______ _______ _______
Carrying amount
At 30 June 2023 315,000 - - 315,000
_______ _______ _______ _______
At 30 June 2022 315,000 - 2 315,002
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 12,374 13,701
Other debtors 13,930 87,525
_______ _______
26,304 101,226
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 48,545 48,545
Trade creditors 7,900 53,804
Corporation tax 7,099 61,868
Social security and other taxes 36,033 37,230
Other creditors 124,861 82,201
_______ _______
224,438 283,648
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 130,506 151,294
Other creditors 49,541 76,500
_______ _______
180,047 227,794
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S Wane ( 1) - 1 -
Mrs R Wane 64,209 - ( 64,209) -
_______ _______ _______ _______
64,208 - ( 64,208) -
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S Wane ( 1) - - ( 1)
Mrs R Wane ( 299) 64,508 - 64,209
_______ _______ _______ _______
( 300) 64,508 - 64,208
_______ _______ _______ _______
Directors loan to R Wane was repaid in full, as at 22 February 2023.